CONTRACT BOND. The approved form of security furnished by the contractor and his surety as a guaranty of good faith on the part of the contractor to execute the work in accordance with the terms of the contract.
CONTRACT BOND. The security furnished by the Contractor and the surety as a guaranty that the Contractor shall fulfill the terms of the Contract and pays all legal debts pertaining to the maintenance of the project.
CONTRACT BOND. The successful Bidder shall provide an executed Contract Bond for the full Contract amount. This Contract Bond shall:
1. Be on a Contracting Agency-furnished form;
2. Be signed by an approved Surety (or Sureties) that:
a. Is registered with the Washington State Insurance Commissioner, and
b. Appears on the current Authorized Insurance List in the State of Washington published by the Office of the Insurance Commissioner,
3. Be conditioned upon the faithful performance of the Contract by the Contractor within the prescribed time; and
4. Guarantee that the Surety shall indemnify, defend, and protect the Contracting Agency against any claim of direct or indirect loss resulting from the failure:
a. Of the Contractor (or any of the employees, Subcontractors, or lower tier subcontractors of the Contractor) to faithfully perform the Contract, or
b. Of the Contractor (or the Subcontractors or lower tier subcontractors of the Contractor) to pay all laborers, mechanics, Subcontractors, lower tier subcontractors, materialperson, or any other person who provides supplies or provisions for carrying out the Work. The Contracting Agency may require Sureties or Surety companies on the Contract Bond to appear and qualify themselves. Whenever the Contracting Agency deems the Surety or Sureties to be inadequate, it may, upon written demand, require the Contractor to furnish additional Surety to cover any remaining Work. Until the added Surety is furnished, payments on the Contract will stop.
CONTRACT BOND. The Buyer shall issue a promissory note in the amount equals to 40% of the total purchase price of the Product to the Seller as contract bond.
CONTRACT BOND. Before commencing the work on the Project, Contractor shall furnish a Contract Bond. The Contract Bond shall be in an amount equal to 100% of the full amount of the Contract Price as security for the faithful performance of its obligations pursuant to the Contract Documents and as security for the payment of all persons performing labor and furnishing materials in connection with the Contract Documents. Such bond shall be on a standard AIA document, shall be issued by a surety satisfactory to the Village, and shall name the Village as a primary co-obligee. The Contract Bond shall become a part of the Contract Documents. The failure of Contractor to supply the required Contract Bond within ten (10) days after the Notice of Award or within such extended period as the Village may grant if the Contract Bond does not meet its approval shall constitute a default, and the Village may either award the Contract to the next lowest responsible proposer or re- advertise for proposals. A charge against Contractor may be made for the difference between the amount of Contractor’s Proposal and the amount for which a contract for the Work is subsequently executed, irrespective of whether the amount thus due exceeds the amount of the bid guarantee.
CONTRACT BOND. 6.4.1 At the time the Bidder provides the signed Contract Form to the City, the Bidder shall also provide the Contract Bond required by law in form and substance, and from a Surety, satisfactory to the City. The Surety must be authorized by the State Department of Insurance to transact business in Ohio.
6.4.2 The Contract Bond shall be in the full amount of the Contract to indemnify the City against all direct and consequential damages suffered by failure of the Contractor to perform according to the provisions of the Contract Documents and in accordance with the Drawings, Specifications, details and bills of material therefor and to pay all lawful claims of Subcontractors, Material Suppliers, and laborers for labor performed or materials furnished in carrying forward, performing or completing the Contract.
6.4.3 The Contract Bond shall be supported by a Power of Attorney of the agent signing for a Surety. The Contract Bond shall be supported by a current and signed Certificate of Compliance or Certificate of Authority required under Section 9.311, ORC, issued by the Ohio Department of Insurance, showing the Surety is licensed to do business in Ohio.
CONTRACT BOND. If required by the City and requested in writing, the Contractor shall provide, within a reasonable period, not to exceed thirty (30) days, a contract bond in the amount of twenty percent (20%) of the remaining contract value, including Washington State Sales Tax and Use Tax, whichever is applicable, covering faithful performance of the contract, issued by a properly licensed surety company registered with the Washington State Insurance Commissioner on a City approved bond form. The bond must remain in force throughout the contract period per Section 3 and shall be conditioned upon full performance of all obligations imposed upon the Contractor within the contract including, without limitation, delivery of equipment and in-warranty service. The City agrees to pay the reasonable cost of the bond.
CONTRACT BOND. (July 23, 2015 APWA GSP) Delete the first paragraph and replace it with the following: The successful Bidder shall provide an executed Contract Bond for the full Contract amount. The Bond may be a combined payment and performance bond, or be separate payment and performance bonds. In the case of separate payment and performance bonds, each bond shall be for the full Contract amount. The bond(s) shall:
1. Be on Contracting Agency-furnished form(s);
2. Be signed by an approved Surety (or Sureties) that:
a. Is registered with the Washington State Insurance Commissioner, and
b. Appears on the current Authorized Insurance List in the State of Washington published by the Office of the Insurance Commissioner,
CONTRACT BOND. (Used if 10% Bid Guaranty Check was submitted with Bid; not required if 100% Bid Guaranty and Contract Bond was submitted with Bid.) KNOW ALL MEN BY THESE PRESENTS: THAT WE, the undersigned as Sureties, and hereby held and firmly bound unto the in the penal sum of Dollars ($ ), for the payment of which, well and truly to be made, we hereby jointly and severally bind ourselves, our heirs, executors, administrators, successors, and assigns. Signed this day of , 20 . THE CONDITION OF THE ABOVE OBLIGATION IS SUCH that whereas the above named Principal did on the day of , 20 , enter into a Contract with for Contract No. which said Contract is made a part of this Bond, and same as though set forth herein.
